Dodging works for mitigating damage even in the end game though i'm not sure about tanking. It is important to note that 95% dodge is the rate before your opponent's accuracy and other skills/bonuses take away from it. So while having more than 95% might sound like a waste it really isn't.

By Rank ten Mastered Side Step rats need Dodge around 125-135% to be effective once deductions have taken place, however they are very effective. A 95% dodge is normally reduced to around 50% so your looking at a 40-50% reduction due to enemy skills bare that in mind, though I should say for parry its worse often and my 100%+ parry heroes are often left with only a 60% parry chance, though they have high Melee resistance to back them up anyway.

Try a Melee Resist build instead. You can get enemy to-hit chance down to 1%, and it has no limit on number of swings it can take.

Assassins and Nightrunners make the best MR tanks. Max out Agility and Weapon Skill, take Defensive Stance, Shield Mastery, and Awareness. Use Shields of Shielding. Buff with Combat Savvy. 116 MR with these items.

Opponents need more than +36% to hit to even dent that 1% chance to hit (Weapon Skill is 2% per point).